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VOL. 128 | NO. 80 | Wednesday, April 24, 2013

New Apartments Planned for South Main

By Bill Dries

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Plans for 197 apartments on two corners of West Carolina Avenue and Florida Street go to the Downtown Memphis Commission Design Review Board at its May 1 meeting.

South Junction will rise on the vacant northwest and southeast corners of Carolina and Florida, in the South Main Historic Arts District.

South Junction Partners, the owners, plan to begin construction in July on an “urban infill multifamily residential development,” according to the application for the 178,678 square feet of space.

The partners have applied for a payment-in-lieu-of-taxes (PILOT) incentive through the Memphis Center City Revenue Finance Corp.

South Junction is an area that Southland Development Partners had earlier plans to build in. State Place LLC had property at the same intersection a year ago that it sold to Renasant Bank in lieu of foreclosure when an earlier development plan fell through.

The South Junction application says the developers are talking with prospective lenders about financing.

Henry Turley Co. submitted the plans and application to the Design Review Board and Turley is one of the partners in South Junction along with Billy Orgel.

The northwest parcel of the South Junction project is across Tennessee Street from the offices of Southland Development Partners.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 106 418 11,538
MORTGAGES 135 521 14,424
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 220 913 24,947
BANKRUPTCIES 53 297 8,729
BUSINESS LICENSES 26 119 3,890
UTILITY CONNECTIONS 71 524 13,980
MARRIAGE LICENSES 13 83 3,114

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